The global energy management software market to grow at a CAGR of 10.01% during the period 2018-2022.

Global Energy Management Software Market 2018-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

According to the report, one driver in the market is cost reduction of advantages. One of the main factors that drive the adoption of energy management software is the rising requirements to cut down the operational cost. Currently, organizations are focusing on cultivating and managing the resources necessary for efficient product outputs, which increases the requirements for efficient energy management software.

One trend in the market is adoption of cloud-based energy management software. The cloud-based system is designed to be flexible with expanding capacity and has high scalability. SMEs and manufacturing plants are increasingly adopting this system as it helps them to reduce their IT expenses. The adoption of cloud-based energy management software is identified as one of the key trends that will gain traction in the energy management software market throughout the forecasted period.

Further, the report states that one challenge in the market is energy data security-related concerns. In the recent years, energy and utility organizations have been a high-profile target for hackers, cyber terrorists, and foreign governments. This can cause mass disruptions with a relatively few keystrokes made from a remote location anywhere around the world.